Soggy bagel is a game that is played with a bunch of guys. The game itself is a circle jerk with two rules after the first person starting the game has jerked off into the bagel: 1. When the bagel is passed to you, you jerk off into it 2. The last one to jerk off into the bagel as it gets passed around has to eat it.

1: "What's up Shirley? How is Bill?"
"Oh he's had a busy day at work, so he's playing some soggy bagel with his co-workers"

"You guys were hungry so you had to turn your wacking session into a game of soggy bagel?!"